Thursday, January 19, 2017

G11 - Week 18 - Day 2

In-class work

  1. Phillips Curve questions?
  2. Questions for the comments
    1. How important is economic growth for an economy?
    2. How important is economic growth morally?
    3. Do you think it has increased or decreased in the past?
    4. Do you believe it will increase or decrease in the future?
    5. What are all the causes of economic growth you can think of?
  3. Economic Growth in the Short-run and Long-run
  4. Marginal University Economic Growth
    1. Introduction to the Solow Model
    2. Physical Capital and Diminishing Returns
    3. The Solow Model and the Steady State
    4. Human Capital and Conditional Convergence
    5. The Solow Model and Ideas
    6. The Economics of Ideas
    7. Patents, Prizes, and Subsidies
    8. TED Talk: How Ideas Trump Crises
    9. The Idea Equation
  5. From Tyler Cowen
    1. On Value, the Crusonia Plant, and “Wealth Plus”
Ongoing Country Information
  1. Figure out unemployment rates
  2. Labor participation rates
  3. Causes of the above?
  4. What are the inflation rates?

- Since 2015, the richest 1% has owned more wealth than the rest of the planet.
- Eight men now own the same amount of wealth as the poorest half of the world.
- Over the next 20 years, 500 people will hand over $2.1 trillion to their heirs a sum larger than the GDP of India, a country of 1.3 billion people
Book - Bourgeois Equality

27 comments:

  1. it is important for a economic growth, because an increase economic growth means the output of nation GDP gets higher, C,I,G,Xn. either of this goes up, means for out resident life gets better.
    2.well, an strong economic gives confident for being a part of the economic,people will gain high morality as they feel they are upper- class.
    3.it's decreased now, it had to decrease, because a big increased of economic growth happened under a big technology got improved or invented could affect an economic.as the time goes long, the waves of that influence gets lower. But it could have big jump when it comes again.
    4. i believe it will.
    5.technology, union,trade contrast.

    ReplyDelete
  2. 1) economic growth is very important as it increases living standards, increases income, and production.
    2) it is morally important as it helps decrease inequality and poverty.
    3) economic growth has increased in the past.
    4) it will keep increasing in the future, due to an increase in gdp.
    5) causes of economic growth are increased aggregate demand, and increased gdp.

    ReplyDelete
  3. How important is economic growth for an economy?
    Economic growth is important for an economy because if there is no growth, then there would be no more money coming in to help improve every day life styles and also it wouldn't bring in any more money for the government to invest more into the citizens and its own economy.

    How important is economic growth morally?
    If there is no bettering for the peoples life styles, there would be nothing for them to look forward to and want to thrive to so it may take out motive for the working class to keep working hard.

    Do you think it has increased or decreased in the past?
    The world is at an all time high of wealth around the world, as the worlds economy has constantly growing exponentially in the past century compared to before that.

    Do you believe it will increase or decrease in the future?
    I believe that it will keep increasing as long as there are people working, gaining money and investing money back into the economy.

    What are all the causes of economic growth you can think of?
    investing, better living standards, more people working and more export and import

    ReplyDelete
  4. How important is economic growth for an economy?
    Economic growth is important to an economy because it will allow the government to have more money to improve peoples lives by investing on public goods.
    How important is economic growth morally?
    Economic growth can make people to put more effort and improve the way they are working so they will be able to improve their life style.
    Do you think it has increased or decreased in the past?
    I think it has increased compared to the past because theres more people working and more money on the economies
    Do you believe it will increase or decrease in the future?
    I think it will increase in the future.
    What are all the causes of economic growth you can think of?
    new technologies, investing, unions

    ReplyDelete
  5. How important is economic growth for an economy?
    - It is important for the economy of a nation as a whole. A gradual stable growth of an economy is important, because sudden changes can lead to problems. Economic growth can impact a nations GDP, like when the imports and exports are involved.

    How important is economic growth morally?

    Do you think it has increased or decreased in the past?
    - It is has decreased in the past. In the recession around 2008, there was a decrease of economic growth, and a rise in unemployment.

    Do you believe it will increase or decrease in the future?
    - It will both increase and decrease in the future, depending on the time period and resources available.

    What are all the causes of economic growth you can think of?
    - Natural resources available
    - Supply of natural resources available
    - The rate of depletion of those resources
    - Relations between countries
    - Economic stability of a nation
    - Consumption levels of a nation
    - Production rate
    - Demand for a good

    ReplyDelete
  6. How important is economic growth for an economy?
    Economic growth is important for an economy. As it grows the country becomes more economically stable.

    How important is economic growth morally?

    Do you think it has increased or decreased in the past?
    During the WW2 the economy of some countries has decreased, such as Germany, USSR, Poland and etc. However for some countries the WW2 raised the economical situation, such as the US. As I think, the overall world economy has grown, but not much

    Do you believe it will increase or decrease in the future?
    It will increase. Because recently there was a crisis because the oil prices dropped. And as a business cycle graph shows there should be a recovery after contraction and reaching trough.

    What are all the causes of economic growth you can think of?

    ReplyDelete
  7. How important is economic growth for an economy?
    Economic growth is important for an economy in multiple ways. First, economic growth helps grow the country's trade buisness, as economic growth usually means a higher production of goods, and a higher production of goods means getting more buisness. Having more buisness then helps increase the wealth of the country and therefore increases it's economy.
    How important is economic growth morally?
    Morally, economic growth

    ReplyDelete
  8. 1. Economic growth is another way of showing how a nation is advancing and developing for the better. That is usually a good sign since the production of goods and services increase within a nation could bring much more opportunities and income.

    2. Economic growth within a nation advanced the living standards of citizen which made their life happier overtime.

    3. I think the economic of the world had increases overtime since there are more high technology innovations being used from time to time.

    4. Yes, I do believe economic growth would keep growing in the future.

    5. Innovations, export opportunities.

    ReplyDelete
  9. 1.How important is economic growth for an economy?
    The economic growth for an economy can show power of a country.
    It Can show a country in period of depression or period of prosperity. It also an show a country's competitiveness in a market.
    2.How important is economic growth morally?
    It shows the properties and power of a country.

    3.Do you think it has increased or decreased in the past?
    I think the economic has increased in the past. In before, people have no money to purchase goods ,the consumption is low, people worried about the foods the eat. But now, people have more choices in consuming and demands already changed.
    4.Do you believe it will increase or decrease in the future?
    I think it will decrease in the future. For example, the price of television changed in 20 years. The demand of TV was high in the past and price was high as well, but now it changed. People don't use TV very often and the price become cheaper because the technology increased changed the cost of television.
    5.What are all the causes of economic growth you can think of?
    Cost of goods decreased and demand goes down. Higher technologies.

    ReplyDelete
  10. 1.How important is economic growth for an economy?
    -Reduction in poverty
    -Reduce unemployment rates
    3.Do you think it has increased or decreased in the past?
    I would say that the economic growth has increased globally as the global poverty levels has decreased.
    4.Do you believe it will increase or decrease in the future?
    Global economic growth will increase in the future, because there is constant technological development
    5.What are all the causes of economic growth you can think of?
    Increase in GDP causes economic growth.

    ReplyDelete
  11. 1. economic growth means an increase in the real GDP, the benefits of this include higher average incomes and lower unemployment.
    2. economic growth is helps decrease inequality and poverty.
    3. it has increase in the past
    4.

    ReplyDelete
  12. 1) How important is economic growth for an economy?
    Very important :
    - Improve government budget deficits
    - Reduce poverty and unemployment
    - Increase living standards
    2) How important is economic growth morally?
    - Since it allows an increase in social spending without an increase in tax rates and better living standards, it's pretty important
    3) Do you think it has increased or decreased in the past?
    - Increased, since poverty around the world has reduced
    4) Do you believe it will increase or decrease in the future?
    - Increase due to technological advancements and increasing productivity
    5) What are all the causes of economic growth you can think of?
    - Improved technology, education, training, investment in infrastructure

    ReplyDelete
  13. 1) in order for the business to become more powerful and stronger there needs to be economic growth, if the country or area wants to grow they need to grow the economy for the people to have a better state of living.

    2) in many poor places there are some people that are corrupt due to low economy and i think that if they had the money there would be no need for them to be like that because they aren't desperate for the money

    ReplyDelete
  14. 1.How important is economic growth for an economy?
    I think that it is quite important for an economy. For example it can increase living standard, higher people's income and so on.

    2.How important is economic growth morally?
    For those people who got higher living standard which means they will have a high education. So that economic growth morally if people got a higher stander of living will cause less problems.

    3.Do you think it has increased or decreased in the past?
    From the data the rate of economic increased from the past till now.

    4.Do you believe it will increase or decrease in the future?
    I think it might be increase in the future.

    5.What are all the causes of economic growth you can think of?
    Increase economic demand.
    Technology.

    ReplyDelete
  15. 1) Economic growth is the most important thing an economy should focus on, as its implications can reduce poverty within the country, increase its living standards, and other elements that will allow the country to be better off in the present and the future.

    2) Morally, it is extremely important for an economy to focus on growth, as it must tackle the problem of poverty within its own nation, and economic growth is what diminishes poverty.

    3) In the past, I believe that it has increased exponentially to today's point. In the 70s, everyone saw an enormous decrease in world poverty, more globalization of trade, and huge increase in growth amongst third world countries which make me believe that the past has seen a significant economic increase amongst nearly all nations.

    4) In the future, with increased research in science and a more globalized era will allow for greater unification of nations (meaning easier trade), increased productivity and other factors, which will make me think that growth will still continue to rise.

    5) One cause of increased economic growth that I can think of is the increase in newer technologies, that can allow for increased and more efficient output, or an increased efficiency on resources.

    ReplyDelete
    Replies
    1. This comment has been removed by the author.

      Delete
  16. 1. Economic growth is important for an economy because it increases the quality of living and overall consumer happiness and purchasing power.

    3. Economic growth has definitely increased in the psst, perhaps even more than it is progressing in the present.

    4. In my opinion, I think it will still continue to rise with the development of new technology, better research and more trade.

    What are all the causes of economic growth you can think of?
    5. new technology, research, resources, purchasing power increase, increase in aggregate demand and increase in aggregate supply

    ReplyDelete
  17. 1) The past few decades have been shaped based on economic growth. Countries have industrialized and flourished due to the growth in their economy. In the long-run, it makes countries more competitive with other nations as well as raising the standards of living for the citizens of a country.

    2) I feel as though it is essential for a country's economy to make economics growth their main objective in order to battle problems such as poverty. Furthermore, it heightens the living standards of the citizens in a country.

    3) I think it has done both, the world's economy has been through it's ups and downs and economic growth has both increased and decreased over time.

    4) I believe that it will increase in the future because with multiple advances in technology and scientific research.

    5)
    Natural resources
    Advances in technology
    Advances in scientific research

    ReplyDelete
  18. 1. Economic growth is very important for an economy particularly because it can help increase the living standards of that country. It is something that should be focused on at a higher standard by the government of the country. Economic growth can help the country grow in various ways.

    2. Economic growth is also very important morally because, again, it helps better the living standards of the people. This can mean fighting against unemployment and poverty.

    3/4. It think economic growth has increased a lot in the past, and I think that economic growth will increase again. We once saw a graph that showed how this is the first generation that could potentially see the end of extreme poverty.

    ReplyDelete
  19. 1. Economic Growth is easily confused with progress of a country. Just because a country is experiencing economic growth does not mean that the country is better of than a country that is experiencing less economic growth. Typically, countries that are experiencing large amounts of economic growth are countries that are developing. Countries such as the Eat Asian (insert correct term here) are experiencing unprecedented growth of 8-10%. However, living conditions, child mortality, education rate and status, as well as development of living conditions are much higher in countries such as Switzerland or the Scandanavian countries which typically experience anywhere from 1%-2% economic growth per year. Of course economic growth is important, but it should be not substituted for rate of education, betterment of living conditions, or improvements in health care that aid in curing child mortality.

    2. Economic growth is a very selfish practice in nature. You are trying to be better off, often times at the expense of others. Morally, I don't believe that economic growth is a very just action. However, in the long run, perhaps it may provide better living standards, increase education for the masses, and provide better technology.

    3. I believe that economic growth has increased dramatically due to an increase in lateral thinking and improvements in technology.

    4. I believe that after a while humans will create something (AI) that will give us a way of reaching the highest possible level of economic growth. Economic growth will no longer be necessary to sustain a standard of living that is as high as possible.

    5. Everything

    ReplyDelete
  20. 1) Economic Growth is often seen as the 'holy grail' of economic policy. Growth matters because:
    Reduce Poverty: Growth doesn't necessarily reduce poverty. But, without economic growth it is very difficult to make any meaningful and sustained reduction in poverty. This is especially important in developing economies.
    Reduces Unemployment: A stagnant economy leads to higher rates of unemployment and the consequent social misery.
    Living Standards: If managed correctly, economic growth enables an increase in resources for important public services like education and health care.

    2) Well, an strong economic gives confidence for being a part of the economy and people will gain high morality as they feel they have attained the upper class status.

    3) Considering the past, I personally think it has increased eventually or i'd say rather exponentially.

    4) In the further, with increased technological advancement, there will be an increase in the productivity and other factors thus enhancing the country's status in the world.

    5) Advanced technology is all i can think of.

    ReplyDelete
  21. 1)Economics growth is a very crucial aim for any economy. With this, more output would be produced and purchasing power would increase resulting in more total welfare which is what an economy should focus on.
    2)Morally, economic growth is also very important and leads to better living standards and less poverty.
    3)With more trade and advanced technology, economic growth has increased substantially from the past.
    4)I believe economic growth would most likely continue to grow in the future due to the rate of advancing technology.
    5)Increasing economic growth could be due to newer technology and better education systems.

    ReplyDelete
  22. 1) How important is economic growth for an economy?
    I believe that economic growth is extremely important for an economy, and more so a nation. This signifies that a country is able to produce more products, more ideas in an ever increasing efficient manner. This may reflect in advancements of technology, education, infrastructure, quality of life and etc. However there are negatives of such growth, a fast growing economy (like China) exhibits growing pains. Including uneven development of infrastructure, large amounts of pollution, governmental/organization problems, large amounts of structural unemployment and pressure on educational systems, high levels of inequality.
    2) How important is economic growth morally?
    Under consequentialist morality, should economic growth have more positive impacts on the people (which is difficult to measure) than the negatives, then it is good. However, through deontological morality, I believe that there is a duty of a government to pursue economic growth to the point where human rights are ensured. Past that point, economic growth as a priority is up to the government and the people itself to decide. Morally, if the intentions are good, then it should be good, by this moral theory.

    3) Do you think it has increased or decreased in the past?
    I believe that economic growth has increased in the past to the present.
    4) Do you believe it will increase or decrease in the future?
    I believe that economic growth will stagnate for awhile, due to "catching up" of developing countries and also the hurdles in science that are being met, but soon will increase at a fast rate due to the breakthroughs in science.

    5) What are all the causes of economic growth you can think of?
    Increase in technological growth, better education, finding new resources, etc.

    ReplyDelete
  23. How important is economic growth for an economy?
    Economic growth for a country is one of the most important things. The reason being that it is what makes a country grow, develop, and fight issues such as poverty. It enables a country to both be a importer and exporter of goods and services, enabling them provide jobs for households. Without economic growth a country would not last in todays market, causing there to be a lack of education, safety and poor living standards within the country.

    How important is economic growth morally?
    Economic growth morally is important for all individuals but not an obligation, however as it enables them to provide for family, receive goods and services for most it is a duty. It also allows them to move up in classes.

    Do you think it has increased or decreased in the past?
    I believe that economic growth has increased in the past. The reason being that governments have provided more jobs, and since the past poverty has decreased substantially. There has been modernization throughout the world in technology, infrastructure, etc.

    Do you believe it will increase or decrease in the future?
    I believe that it will increase to a certain point, and at that point i believe that it will slow down. The reason being that in the past it was easy to come up with new ideas and new innovations, but in the modern day and in the future it is getting harder. As so much will be innovated, there will not be much more to innovate.

    What are all the causes of economic growth you can think of?
    - Education
    - Technology
    - Innovation

    ReplyDelete
  24. http://www.telegraph.co.uk/business/2017/01/10/food-prices-rise-inflation-returns-supermarkets/

    ReplyDelete